Name the five different Subsidiary Journals and give a brief description of each.

Expert Solution

Journal is the book of original entry. Transactions are first recorded in journal and from journal, they are posted to ledger accounts, called general ledger (GL). In order to make recording of transactions simpler, journals are divided into various subsidiary journals. Different types of subsidiary journals are:

(1) Cash book or cash journal: This book or journal is used to record only cash transactions. Cash receipts and cash payments are recorded in the cash book or cash journal. It is similar to cash GL account in the ledger.

(2) Purchases journal: It is used for recording the transactions involving purchase of merchandise on account.All credit purchases are recorded in this journal, togetherwith the details of the purchases. Data from this journal goes to purchase GL account.

(3) Purchase returns journal: This journal is used to record the transactions when there are purchase returns. When we return the merchandise (due to any reason) that we have purchased,then the entry for theses purchase returns is made in purchase returns journal.It is also called returns outwards journal.

(4) Sales Journal: This journal is used to record the transactions when there are sales on account or when there are credit sales. All the details of the sale like name of the buyer, goods description and amount of the sale are recorded in this journal. Data from this journal goes to sales GL.

(5) Sales returns journal: This journal is used to record the transactions of sales returns. When the goods or merchandise is returned to us by the buyer, then we record this transaction in sales returns journal. It is also called returns inwards journal.

ekkarill92 answered 1 year ago

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Name the five different Subsidiary Journals and give a brief description of each.

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